Oil rises after ninth weekly stock drawdown in US
Oil prices moved slightly higher on Thursday after the US Energy Department reported a ninth consecutive weekly drawdown of crude stocks, although an overall build in oil inventories capped gains.
US West Texas Intermediate crude for September delivery CLc1, the new front-month contract from Thursday, was up 15 cents at $45.90 a barrel at 0800 GMT. The August contract expired on Wednesday after rising 29 cents, or 0.7 percent, to settle at $44.94 a barrel. Brent crude's front-month contract LCOc1 was up 15 cents at $47.32 a barrel. US crude inventories USOILC=ECI fell 2.3 million barrels in the week ending July 15, data from the U.S. Energy Information Administration showed.
But at 519.5 million barrels, inventories are at historically high levels for this time of year, the EIA said. "This week's report was moderately bullish for crude, which drew slightly more than expected," said Michael Wittner, oil analyst at Societe Generale.
Gasoline stocks USOILG=ECI rose 911,000 barrels, against a forecast for unchanged, and are well above the upper limit of the average range, the EIA said.